Singapore to start talks on investment protection agreement with UK within the year

SINGAPORE and the United Kingdom have agreed to start talks for an investment protection agreement between the 2 countries, as well as develop a framework for green economy cooperation within the year.

Minister-in-charge of Trade Relations S Iswaran stated these when opening a signing ceremony for the UK-Singapore Digital Economy Agreement on Friday (Feb 25).

Singapore had in 2018 inked an investment protection agreement with the European Union, but the UK officially withdrew from the bloc on Jan 31, 2020.

In 2019, the European Commission had said the agreement was to safeguard the EU and Singapore's rights to regulate and pursue public policy objectives such as the protection of public health, safety and the environment. It also ensures "a high level of investment protection" between the EU and Singapore.

Iswaran also announced that Singapore will aim to put in place a mutual recognition agreement for authorised economic operators by this year as well. This will expedite customs clearances for Singapore and UK exporters, he pointed out.